S.Korea adds 5 startups to list of unicorns in H1-Xinhua

S.Korea adds 5 startups to list of unicorns in H1

Source: Xinhua| 2022-07-22 15:54:50|Editor: huaxia

SEOUL, July 22 (Xinhua) -- South Korea added five more startup companies to the list of unicorn companies in the first half, bringing the total number to a record high of 23, the Ministry of SMEs and Startups said Friday.

The number of unicorns, which refer to unlisted startups with a valuation of more than 1 billion U.S. dollars, totaled 23 at the end of June, up five from six months earlier.

Seven more companies were added to the unicorns list in 2021.

The ministry said it was a tremendous feat achieved as a result of the country's venture ecosystem despite a global drop in corporate value, caused by various unfavorable circumstances such as the rise in interest rates.

Nine companies with a corporate value of over 1 billion U.S. dollars were excluded from the list due to initial public offerings (IPOs) and mergers and acquisitions (M&As).

South Korea ranked 10th in terms of unicorns, following the United States with 628, China with 174 and India with 68 each, according to CB Insights, a U.S. market analysis platform.